American Access Technologies Reports Record-Breaking First Quarter Results
05 Mai 2005 - 4:30PM
PR Newswire (US)
American Access Technologies Reports Record-Breaking First Quarter
Results Total Sales Increase 42.9% and Net Loss Decreases 66.2%
KEYSTONE HEIGHTS, Fla., May 5 /PRNewswire-FirstCall/ -- American
Access Technologies, Inc. (NASDAQ:AATK) is pleased to report
financial results for the quarter ended March 31, 2005. Total sales
for the quarter ended March 31, 2005 were $1.825 million, which was
the best first quarter sales in the history of the Company. The
$1.825 million is a $548,000 increase over the $1.277 million
booked in the quarter ended March 31, 2004, a robust increase of
42.9%. Sales in our zone cabling and wireless division increased an
outstanding 58.1%, and sales in our formed metal division increased
34.0% over the same period a year ago. For the three months ended
March 31, 2005, we dramatically cut our net loss to $99,273 or EPS
($0.01) per share, which was a 66.2% decrease ($194,242) in net
loss compared to the net loss of $293,515 or EPS ($0.05) per share
over the comparative three-month period in the prior year. Joe
McGuire, Chief Financial Officer, commented on the quarterly
results and outlook for the balance of 2005 as follows: "We are
pleased with the overall growth in sales in both divisions. Our
zone cabling and wireless division sales increased 58.1%
(+$273,864) and our formed metal division sales increased 34.0%
(+$273,765) over the three months ended March 31, 2004. "The
overall increase in revenues for the three months ended March 31,
2005 is the result of increased marketing efforts spurred by
Chatsworth Products, Inc. and our OEM partners of our zone and
wireless products coupled with increased sales of formed metal. "A
significant factor in our march to achieve profits is that sales of
our fast-growing zone cabling and wireless products currently
provide a higher gross margin than our formed metal products. The
zone/wireless division contributed 40.9% of the total sales in the
first quarter of 2005 as compared to 36.9% for the same period in
2004. Our gross margins improved by 6.0% as compared to the three
months ended March 31, 2004. "We expect our new laser cutting
machinery, which became operational during the first quarter of
2005, to enhance our gross margins by expanding our capacity,
reducing our labor expense and utilizing less raw materials during
the manufacturing process. Although we continue to experience
increased fuel and steel prices, and our new laser cutting
machinery will add approximately $21,000 of non-cash depreciation
expense quarterly, the Company continues its ongoing demand for
efficiencies throughout the organization. "Current trends and
indications lead us to anticipate that 2005 will result in our
third consecutive year of record sales. Our zone cabling and
wireless product sales and distribution partners report that they
are continuing their active marketing campaigns and the training
and education of end users in conjunction with the industry
standards adopted for zone cabling and wireless products in late
2004. Our recently purchased laser cutting equipment will enable us
to compete for new customers in our formed metal division as well
as to improve the efficiency of our current manufacturing
processes. While we are confident that we will easily surpass last
year's all time record sales, we will continue to focus on
achieving profitability. We anticipate that in 2005 our march to
profitability will be realized. "We look forward to additional
releases in 2005 from the Telecommunications Industry Association
regarding standards for zone cabling. This should significantly
enhance our future prospects. We also anticipate that zone cabling
will continue to benefit from the move towards the open office
environment and advances in telecommunications technologies and
network economics will increase zone cabling in both existing and
new construction." For further detailed information on sales and
expenses for the first quarter 2005, please read the Company's
Quarterly Report on Form 10-QSB that will be filed with the
Securities and Exchange Commission later this week. About American
Access Technologies, Inc. American Access manufactures patented
zone cabling and wireless enclosures that mount in ceilings, raised
floors, and in custom furniture, for routing of telecommunications
cabling, fiber optics and wireless solutions to the office desktop.
The Company's concept of "zone cabling" reduces costs for initial
network installation and facilitates moves, adds, changes and
upgrades for the network installations of today and tomorrow. Its
Omega Metals division manufactures its proprietary products, and
also employs state-of-the-art metal fabrication and finishing
techniques for public and private companies and for the U.S.
government contractors. Our SEC filings, news and product/service
information are available at http://www.aatk.com/ . Cautionary Note
Concerning Forward-Looking Statements: This press release contains
forward-looking statements as defined in Section 27A of the
Securities Exchange Act of 1934, regarding future revenues and
profits. While the Company believes that such forward-looking
statements are based on reasonable assumptions, there can be no
assurance that such future revenues and profits will be achieved or
achieved on the schedule indicated. Furthermore, unanticipated
future events, conditions and financial trends may affect the
Company's revenues, operating results and financial position.
Prospective investors are cautioned that these forward-looking
statements are not guarantees of future performance. Actual events
or results may differ from the Company's expectations, and are
subject to various risks and uncertainties, including those listed
in the Company's SEC filings. The Company assumes no obligation to
publicly update or revise its forward-looking statements even if
experience or future events make it clear that any of the projected
results expressed or implied herein will not be realized. Company
Contact: Joe McGuire, Chief Financial Officer (352) 473-6673/
http://www.aatk.com/ DATASOURCE: American Access Technologies, Inc.
CONTACT: Joe McGuire, Chief Financial Officer, American Access
Technologies, Inc., +1-352-473-6673, or Web site:
http://www.aatk.com/
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